| Many people want to move their pensions. They | | | | has come up with the QROPS. This allows pensions |
| can't understand why the government won't allow | | | | to be transferred to an overseas country and |
| them to move their pensions around as they wish. It | | | | schemes. |
| seems only fair to move your 30 plus years of | | | | QROPS were introduced in 2006 and allow people to |
| acquired pension to your new community that offers | | | | transfer non-state pensions to approved oversea |
| better pension schemes. So why doesn't the UK | | | | schemes. It is important to note that you do not |
| allow you to move your pension at least in part to | | | | have to move to the country you wish to transfer |
| another locale. | | | | the money to. |
| First, you have to understand the UK's view on | | | | The key to transferring money between schemes is |
| taking care of its people. They believe that they | | | | the word "approved." The oversea scheme must be |
| have an obligation to take care of the elderly and not | | | | approved by Her Majesty's Revenue and Customs |
| allow their citizens to get in a situation from which | | | | (HMRC). All that means is that the scheme has been |
| they can't recover. They do not want to see the | | | | registered and approved in that country. It also |
| elderly poor or destitute at retirement where it would | | | | means that it complies with HMRC mandatory |
| be unlikely for them to recover their financial stability. | | | | reporting requirements. |
| Therefore, the country insists each person pays | | | | Hopefully, this has answered some of your questions |
| money into the state to provide for their retirement. | | | | about transferring your pension. It is not impossible to |
| The government finds it too risky for the people to | | | | transfer your pension to another country, but it does |
| get unrestricted access to their money. However, | | | | take some extra time and steps. |
| the EU has recognized the mobility of its people and | | | | |